Economics

Economics

8th Grade - University

20 Qs

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8th Grade - University

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Created by

Eyan Ali

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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why does scarcity exist?

Each worker tend to produce less than previously.

Machines wear out with time.

There are not sufficient resources to produce all the products people want.

There is a limit to people's wants.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why will scarcity continue to be a problem in the future?

Prices will rise.

The quantity of resources will decline.

Wants will continue to increase.

World population will fall.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which factor of production's function is to make decisions and take risks?

Capital

Enterprise

Labour

Land

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of factor of production is a road?

Capital

Enterprise

Labour

Land

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A country produces 3000 new capital goods in a week. 500 of these replace worn out capital goods. What is the net investment made?

500

2500

3000

3500

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which factor of production is the most mobile?

Capital

Enterprise

Labour

Land

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is meant by 'opportunity cost'?

The best alternative forgone.

The cost of the item selected.

The cost of exploring business opportunities.

The labour used in producing the product.

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